Estonian startup Bike-ID aims to shake up the retail bike insurance market with an app that gives consumers easy and affordable access to full-coverage insurance.
“Who doesn’t know someone who’s had their bike stolen? We’ve been there, and we want to make the experience less painful for everyone,” says Mart Parve from Bike-ID. “People are spending more money on their bikes – for commuting and competing – than ever before, but until now there hasn’t been a good way to protect them from theft and damage.”
Bicycle insurance was not lucrative for anyone in the old days, as the fraud risk is too high for insurance companies — making the premium very costly for the honest end users. Bike-ID migrates the entire process into their mobile app.
Bike-ID launched the service in Estonia in partnership with If P&C Insurance and it plans to roll out bicycle insurance across Europe this year.
When purchasing insurance, the app requires a five-second video which identifies the customer, the bike and the registration time for a given insurance company. This reduces fraudulent claims and benefits the honest customers at the same time – now they can purchase insurance and get back on the road in just two minutes.
Bike-ID was first launched in Estonia in April 2015 and has been building the world’s largest bicycle registry system since then. Now, the app already serves cyclist in more than 50 countries.